I lost my job and they won't give me my $20k back

**poolejohn@gmail.com** · 05-26-2009, 10:13 AM

I was under contract on 1517 Moyamensing in Philadelphia, PA when I got laid off from my job. I could no longer get a mortgage and I was unable to buy the property. The seller wants to split my $20,000 deposit with me while there was clearly a mortgage contingency in the contract. Can they do this? Do I need to file for mediation? Do I need a lawyer?

Thank you

**kevin@BootStrapLearning** · 05-26-2009, 02:32 PM

Originally Posted by poolejohn@gmail.com

I was under contract on 1517 Moyamensing in Philadelphia, PA when I got laid off from my job. I could no longer get a mortgage and I was unable to buy the property. The seller wants to split my $20,000 deposit with me while there was clearly a mortgage contingency in the contract. Can they do this? Do I need to file for mediation? Do I need a lawyer?

Thank you

Most mortgage contingencies have a time dependency. Did you get laid off past the contingency date where financing had been approved? Your best bet is to get an attorney to go over the contract with you figure out what the most cost effective options for you will be.

**Greg** · 05-27-2009, 05:59 AM

The fact that the seller only wants half of it tells me they do not think they can legally take all of it. With this much at stake you need to talk to a lawyer as soon as possible, if only to write a letter to the seller.

**craig** · 05-30-2009, 07:39 PM

Yes, if you didn't have any contingencies or are outside those contingency time periods you could lose the depoist. Did you have an agent representing you?
They may be trying to be nice an only make you give up half. You should talk to a lawyer about your options

**Rich Johnson** · 05-31-2009, 11:01 AM

If you were within the time frame as per the financing contingency in the purchase agreement, you should have every right to the earnest money. In the State of Washington. the financing addendum that is used by the Northwest MLS makes the Seller responsible for notifing the Buyer if the Buyer has gone beyond the time allowed for in the financing contingency. If there is no notice from the Seller to remove this contingency, the contingency is never waived. I don't know where you are located but here the responsibility is the Sellers to pull the trigger on the removal of this contingency.

I'd say to tell the Seller to "Pound Sand" - tell him diplomatically though as $20,000 is a large deposit.

**Reverseit** · 06-02-2009, 12:22 PM

I think that your best and safest bet is to contact an attorney. Usually if you let the other party know that an attorney will be involved, the other party may consider backing down. The question you should think about is whether you would want half of your money to the seller or half going to a lawyer???